Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Cross Asset Strategy

<ul>
<li>On 27 November, the Korean Financial Services Commission (FSC) finally announced that it has completely abolished the restrictions on the foreigners opening integrated accounts to trade Korean stocks.</li>
<li>This amendment will start to take effect on 2 January 2026.</li>
<li><em><strong>What this means is that major global trading platforms such as IBKR will most likely be allowed to trade Korean stocks without any major restrictions sometime starting 1H 2026. </strong></em></li>
</ul>


On 27 November, the Korean Financial Services Commission (FSC) finally announced that it has completely abolished the restrictions on the foreigners opening integrated accounts to trade Korean stocks.
This amendment will start to take effect on 2 January 2026.
What this means is that major global trading platforms such as IBKR will most likely be allowed to trade Korean stocks without any major restrictions sometime starting 1H 2026. 


Foreigners Integrated Accounts Starting in January 2026: Impact on IBKR & Foreign Trading Platforms

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Kioxia Holdings  / Equity Capital Markets

<ul>
<li>Bain aims to raise around US$2bn via selling around 6% of its stake in <a href="https://www.smartkarma.com/entities/kioxia-holdings-corp" target="_blank" data-smartkarma-citation="entities:29243:1" rel="noopener">Kioxia Holdings (285A JP)</a>. The IPO linked lockup on its shareholding had expired in Jun 2025.</li>
<li>Kioxia is a manufacturer and a global leader in flash memory and solid state drives for smartphones, PCs, enterprise servers and data centers.</li>
<li>In this note, we will talk about deal dynamics and run the deal through our ECM framework.</li>
</ul>


Bain aims to raise around US$2bn via selling around 6% of its stake in Kioxia Holdings (285A JP). The IPO linked lockup on its shareholding had expired in Jun 2025.
Kioxia is a manufacturer and a global leader in flash memory and solid state drives for smartphones, PCs, enterprise servers and data centers.
In this note, we will talk about deal dynamics and run the deal through our ECM framework.


Kioxia Placement - US$2bn Deal, Relatively Small, Index Upweight but the Shares Have Runup

Writing about Companies with an Unfair Advantage, Unfair Advantage

Unfair Advantage

Writing about Companies with an Unfair Advantage

I write about companies that have an unfair advantage. I might invest in them as well.

Thematic (Sector/Industry)

<ul><li>Much has been written these days on the bloating AI capex spends across the tech majors.</li><li>A JP Morgan report said we need to create a stratospheric revenue number of $650B to justify a 10% IRR, given current AI capex levels.</li><li>Yet everyone agrees AI is a fundamental shift that is redefining business models across industries.</li></ul>

Much has been written these days on the bloating AI capex spends across the tech majors.A JP Morgan report said we need to create a stratospheric revenue number of $650B to justify a 10% IRR, given current AI capex levels.Yet everyone agrees AI is a fundamental shift that is redefining business models across industries.

New Zealand Professional Investment Services Firm, Forsyth Barr

Forsyth Barr

New Zealand Professional Investment Services Firm

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

Equity Bottom-Up

<ul><li>PaySauce’s (PYS) largely pre-released 1H26 showed progress on the controllables, but slowing NZ growth ahead of its pending launch into Australia.</li><li>The mix of revenues shifted toward processing fees as interest income continued to decline, reflecting ongoing OCR cuts.</li><li>The Australian commercial launch in February 2026 will be of key interest at FY26.</li></ul>

PaySauce’s (PYS) largely pre-released 1H26 showed progress on the controllables, but slowing NZ growth ahead of its pending launch into Australia.The mix of revenues shifted toward processing fees as interest income continued to decline, reflecting ongoing OCR cuts.The Australian commercial launch in February 2026 will be of key interest at FY26.

PaySauce Fees Feed the Sauce—Rates Not So Tasty

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

<ul>
<li>Fresh on the heels of his podcast meltdown, Mr. Altman has had to scramble to walk back his CFO's assertion that a potential federal bailout was on her agenda.</li>
<li>One of Mr. Altman's revenue generating ideas is to lease AI compute directly to others. Of course, that's compute capacity he can't afford to purchase in the first place. </li>
<li>Mr. Altman wants OpenAI to be all things to all people all at once. That's a strategy that rarely ends well. Let's see..</li>
</ul>


Fresh on the heels of his podcast meltdown, Mr. Altman has had to scramble to walk back his CFO's assertion that a potential federal bailout was on her agenda.
One of Mr. Altman's revenue generating ideas is to lease AI compute directly to others. Of course, that's compute capacity he can't afford to purchase in the first place. 
Mr. Altman wants OpenAI to be all things to all people all at once. That's a strategy that rarely ends well. Let's see..


OpenAI. Is The Narrative Slowly Disintegrating ?

United States

Microsoft Corporation operates as a software company. The Company offers applications, extra cloud storage, and advanced security solutions. Microsoft serves customers worldwide.

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Microsoft Corp (MSFT US)

Foreigners Integrated Accounts Starting in January 2026: Impact on IBKR & Foreign Trading Platforms

FSC abolished restrictions on foreigners opening integrated accounts to trade Korean stocks, effective January 2, 2026. IBKR/others are expected to...

Douglas Kim

Kioxia Placement - US$2bn Deal, Relatively Small, Index Upweight but the Shares Have Runup

Bain aims to raise around US$2bn via selling around 6% of its stake in Kioxia Holdings (285A JP). The IPO linked lockup on its shareholding had...

Sumeet Singh

Investor's guide to AI Capex

Much has been written these days on the bloating AI capex spends across the tech majors. A JP Morgan report said we need to create a stratospheric...

Unfair Advantage

PaySauce Fees Feed the Sauce—Rates Not So Tasty

PaySauce’s (PYS) largely pre-released 1H26 showed progress on the controllables, but slowing NZ growth ahead of its pending launch into...

Forsyth Barr

OpenAI. Is The Narrative Slowly Disintegrating ?

Mr. Altman wants OpenAI to be all things to all people all at once. That's a strategy that rarely ends well. Let's see..

William Keating

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